Creditworld can help you find the insurance product you need and avoid paying too much on your premiums. Get the details on providers of life insurance and all the other types of insurance you might need right here, right now.
Compare deals from providers including Allianz, Budget Direct and iSelect easily, and apply online directly once you’ve made your decision.
It’s important to have insurance for all those times life doesn’t quite go to plan. Think about how much you have; your car, your home and everything in it, your pets and loved ones. All these things need protecting.
Choosing insurance is also no mean feat. So many providers offer insurance for specific things only, and others offer to bundle insurance for most of the things you need if for, saying it will work out cheaper for you. This may or may not be true, which is why it’s always worth investigating. That’s why we have a dedicated insurance section, covering car, home and health insurance, as well as pet insurance and travel insurance. Check out the guides on each section for the full details.
Here is a breakdown of the main types of insurance you will probably be interested in. with a brief description about what you need to consider.
When you’re looking for car insurance the main thing to remember is that there is a minimum level of cover you need to have in most states and territories. This is called Compulsory Third Party (CTP) insurance. Paying it (usually done when you get your car registered) means you are covered for any injuries you cause to other people in an accident when it’s your fault. You can also be covered for damage to another person’s car in an accident, with Third Party Insurance and you can be covered for damage to your own car as well, through fire or theft with Third Party Fire & Theft Insurance.
The most expensive cover is Comprehensive Car Insurance. With comprehensive cover you’ll be covered for accidental damage or theft as well as damage to other cars and property, regardless of who is at fault.
Getting the best deal available on home insurance will involve doing what you can to reduce your home’s risk level. You can contact any insurance provider who offers home insurance to ask for a list of things that would make your home secure, reduce your risk and save you some money on premiums.
It’s also important to know whether you’re in an area where bushfire, floods or other natural disasters are more likely to hit, so you can assess the providers against whether they offer cover for the most likely claims you’ll make. Whatever situation you’re in, make sure you do read the provider’s Policy Disclosure Statement (PDS) and decide the cover offered is right for you before signing.
Know the cover you need
When you talk to an insurance provider, it’s important to know what you need cover for. One major provider released figures in April 2012 which said the average Australian home is underinsured by AUD $85 000. The insurance Council of Australia also says that up to 70 percent of Australian homes are underinsured and fall into this category.
To understand what cover you need, go through your house, make a list of what items you have in it and what they’re worth. Be realistic, be accurate (don’t lie about the value) and include everything you would replace if you lost it. When you have the list you’ll get a better idea of what you need to be covered for and whether you have items worth insuring separately.
Health insurance is big business in Australia, and there is a range of providers to choose from. It’s important to review your cover regularly. Also remember that in Australia you can mix and match your health insurance cover, so you have hospital cover with one provider and extras with another. This can lead to a better deal for you in the long term.
Australia also has a dual healthcare system, where Medicare covers citizens and permanent residents. Medicare pays part of the cost for treatment from practitioners like doctors, and full cost of public hospital treatment. You can also get private health insurance to pay the difference between what Medicare will reimburse and what you actually got charged for medical treatment or procedures. This is known as a gap payment.
Hospital and extras cover
You can get private health insurance for hospital stays, which also means you can use a private hospital if you need to have surgery or see a specialist and you will be able to claim with your policy provider.
Aside from hospital visits, you can get private health insurance for extras like physiotherapy, optical health, dental care, chiropractic treatment and Chinese medicine
You should also compare the amount of excess different providers will ask for if you make a claim. A higher excess will mean lower premiums, but might make it harder to pay a major bill for a hospital stay or surgery.